Ethereum Price Prediction: ETH/USD Trades Above $4700 Level

Ethereum Price Prediction – November 8

The Ethereum price prediction is seen breaking above the $4700 resistance level as the coin touches the all-time high.

ETH/USD Market

Key Levels:

Resistance levels: $5200, $5400, $5600

Support levels: $4200, $4000, $3800

ETH/USD is seen refreshing to a new high after touching the new high at $4793 to trade close the resistance level of $4800. However, the coin is currently trading at $4,772 with a bullish movement towards the upper boundary of the channel. In other words, sellers may make an attempt to return back into the market but the bulls are likely to collect more on the price dips.

Ethereum Price Prediction: Ethereum Price Ready to Gain More

The Ethereum price can only maintain the uptrend if the newly touched $4700 resistance level is maintained at all costs. At the time of writing, the technical indicator Relative Strength index (14) is getting ready to cross into the overbought region in order to create more bullish signals into the market and this could encourage more buyers to enter the market. However, Ethereum (ETH) may continue to maintain an uptrend as soon as the coin crosses above the upper boundary of the channel.

Nevertheless, as long as the red line of the 9-day MA remains above the green line of the 21-day MA, the coin may continue to perform well and the price of Ethereum may reach the resistance levels at $5200, $5400, and $5600 respectively. Meanwhile, if the technical indicator decides to make a quick turn below the moving averages, there may be a slight bearish drop which could roll the market down to the support levels of $4200, $4000, and $3800 respectively.

Against Bitcoin, the Ethereum price is hovering around the 9-day and 21-day moving averages as the price hovers at 7260 SAT. However, the technical indicator Relative Strength Index (14) is likely to cross below 60-level as the market price may slide below the 9-day moving average.

Moreover, as seen on the daily chart, the potential resistance level is located at 7800 SAT and above but a lower sustainable move may likely cancel the bullish pattern which could attract new sellers coming into the market with the next focus on the support level of 6700 SAT and below.

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Source: https://insidebitcoins.com/news/ethereum-price-prediction-eth-usd-trades-above-4700-level